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Originally Posted by Mat  Interestingly people like bashing IB....but (made the switch sometime ago from another industry to IB) it is actually very interesting.
Sure some of the blockes are assholes (but that is everywhere). Sure hours can be tough (but not more than in consulting for example) but the actual work is pretty interesting and usually intellectually challenging, Deadlines are tight, amount of work can be huge, variety of deals, variety of industry.... |
Mat,
I don't think anyone is really "bashing" IB...per say. I just think that often people get into this field for "all the wrong reasons" and then find it difficult to swim when thrown into a deep end with sharks circling.
I've been in the field for 8 years now and in that time have climbed my way from the bottom of the entry level IB analyst cesspool into a head regional role. Having said that, I do admit that the reason I am still in this job is because it is fast paced, full of constant pressure, and is continuously intellectually stimulating. At this point, it's almost like a drug, and I couldn't find myself working outside of the constant chaos and mayhem of the trading floor noise.
However, within my tenure I have also seen dozens if not hundreds of fresh grads burn themselves out and leave the field. Thus, when someone who recently graduated with an engineering degree is trying to inquire about "making it", I feel obliged to warn them of the rough road ahead. Many people hear about the extravagant pay and bonuses of I-Bankers and thus think that they too can be the next "Gordon Gekko" or think they would be smarter than John Meriwether. More often than not, that is not the case.
The IB world can often be very dark, "clicky" and full of lies and deceit. In many large funds and even large houses, things like what school you went to, what fraternity you belonged to, who your family / friends are, will often determine what level you get in to or how far you will get within this structure. Thus, even those who make it in, may not get far.
Finally on a personal note, sometimes, at the end of the day when you really look deep inside and ask yourself "what do I really do?".....the
satisfaction may not be there. In the grand scheme of things, this job can make you feel quite empty. I look at trades all day, Swaps, Quantos, Range Accruals, Swaptions, Caps, Floors, etc. Literally billions of dollars are flowing from one set of hands into the next (all in the form of "hypothetical" computer pixels). At the end of the day, people sometimes ask ....am I anything more than a "complex insurance salesman" or a Casino dealer? I often find myself thinking, in a thousand or two thousand years, when the future generations find a a remains of an I-Banker will they have any idea what a derivative is or what possible useful purpose it served to mankind? We don't create anything, we don't make people's life's easier by providing a useful service and we certainly don't progress the evolution of our civilization as this entire field is driven by Greed and Backstabbing.
So, here is my advice... why don't you take that engineering degree, use your creativity and help to build something.....hell, build a bridge or a bulding that will last for generations and perhaps leave something useful and meaningful for the posterity.
P.S. Yes Boris, it's been a really shitty week!
